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Affordable Housing In Oakwood
Vermilion County, Illinois

1 Low Income Apartment Communities In Oakwood

Oakwood Manor

103 Lake Bluff Dr
Oakwood, Illinois
Subsidized
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Housing Authorities that serve Oakwood

Housing Authority Programs
Housing Authority of the County of Vermilion Ill. Section 8 Housing Choice Voucher (HCV); Public Housing
Housing Authority of the City of Danville Section 8 Housing Choice Voucher (HCV); Public Housing; Veteran Affairs Supportive Housing (VASH); Family Unification Program (FUP)

Guide To Affordable Housing in Oakwood, Illinois

There are 1 low income housing apartment communities offering 0 affordable apartments for rent in Oakwood, Illinois.

Income Based Apartments in Oakwood, Illinois

Oakwood features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Oakwood, Illinois

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Oakwood.

Housing Choice Vouchers in Oakwood, Illinois

On average, Section 8 Housing Choice vouchers pay Oakwood landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Oakwood.

The maximum amount a voucher would pay on behalf of a low-income tenant in Oakwood, Illinois for a two-bedroom apartment is between $666 and $814.

2020 Oakwood, Illinois Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Fair Market Rent $482 $572 $740 $969 $1,002
Payment Standard Range $434 to $530 $515 to $629 $666 to $814 $872 to $1,066 $902 to $1,102

Sourced from federal housing data and AffordableHousingOnline.com research.

Oakwood, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 25.86%
Average Renter Household Size 2.57
Average Household Size 2.27
Median Household Income $50,048 ±$5,074
Median Rent $639 ±$60
Percentage Of Renters Overburdened 21.81% ± 14.29pp
Total Population 1,650

Population and Household Demographics

Oakwood is a city in Vermilion County, Illinois with a population of 1,650. There are 727 households in the city with an average household size of 2.27 persons. 25.86% of households in Oakwood are renters.

Income and Rent Overburden in Oakwood

The median gross income for households in Oakwood is $50,048 a year, or $4,171 a month. The median rent for the city is $639 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Oakwood, a household making less than $2,130 a month would be considered overburdened when renting an apartment at or above the median rent. 21.81% of households who rent are overburdened in Oakwood.

Area Median Income In Oakwood

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Oakwood, the AMI is calculated from all households within Vermilion County.

In Oakwood, HUD calculates the Area Median Income for a family of four as $55,600

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Oakwood

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for HUD Rental Assistance in Oakwood

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,250 $17,240 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $23,700 $27,100 $30,500 $33,850 $36,600 $39,300 $42,000 $44,700
80% of Median $37,950 $43,350 $48,750 $54,150 $58,500 $62,850 $67,150 $71,500